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11min chapter
Summer School 7: The Great Depression, the New Deal and how it changed our economy
Planet Money
FDR's Fireside Chat and the Abandonment of the Gold Standard
This chapter examines the historical context surrounding FDR's inaugural fireside chat during the onset of the Great Depression, where public panic over bank stability led to widespread withdrawals. It highlights the complex decision-making process that resulted in the abandonment of the gold standard, showcasing FDR's unconventional approach influenced by innovative economic advisors. Ultimately, the chapter underscores how these decisions, geared towards restoring public confidence and adapting monetary policy, played a critical role in the economic recovery efforts of the era.
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